The cryptocurrency payments network Mesh announced this week that it has raised $82 million in its latest funding round, bringing the total amount the company has raised to $120 million.
The majority of the funding was settled with the PayPal USD stablecoin, and Mesh’s payments technology was used to transfer those digital assets, the company said Tuesday in a news release.
“Stablecoins present the single biggest opportunity to disrupt the payments industry since the invention of credit and debit cards,” Mesh CEO Bam Azizi said in the release.
A stablecoin is a cryptocurrency pegged to the value of a fiat currency, like the dollar or the euro. It’s referred to as “stable” in contrast to some other types of cryptocurrencies, such as bitcoin, that have proven to be more volatile historically.
Mesh, which was founded in 2020 and is headquartered in San Francisco, is building a global network that lets users transfer stablecoins, the news release said. The network will connect crypto exchanges and crypto wallets with financial service platforms, the release said, although it did not provide specifics.
A Mesh spokesperson did not immediately respond to emailed questions.
Mesh has worked with payments players like Shift4 and Revolut, according to the release.
The funding round was led by the crypto investment firm Paradigm with participation from firms such as Consensys, QuantumLight Capital and Yolo Investments, the release said.
